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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </span></span></span></span></p>
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October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. They also discussed ways to resolve the problem with the minister.
The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others.
Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business.
The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance.
The federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers.
According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc.
In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee.
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </span></span></span></span></p>
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'summary' => 'October 12: A delegation of the Federation of Contractors’ Associations of Nepal (FCAN) met with Minister for Physical Infrastructure and Transport Basanta Kumar Nembang on Sunday (October 11) and drew his attention towards the impacts of COVID-19 on the real-estate business and construction works. ',
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The delegation led by FCAN president Ravi Singh discussed about extension of project deadlines, bank guarantee and insurance, credit line commission among others. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Minister Nembang said that he would work with the stakeholders to resolve the problems seen in the construction business. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation demanded a policy-level decision from the government to extend the term of all projects and contracts by one year as the Public Procurement Act has defined the epidemic as a special circumstance. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">The federation also said that even if the deadline is extended for only six months, the deadline won’t be sufficient. The deadline for all the construction works should be automatically extended by one year as per the decision of the council of ministers. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the federation, the cash flow in the construction sector has been low due to overhead expenses such as house rent, bank installments, staff salaries, etc. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In order to revive the closed construction work and make the business run smoothly, the federation said that it is necessary for the construction entrepreneurs to get back the amount of five percent (retention money) deposit in the state treasury on the basis of bank guarantee. </span></span></span></span></p>
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